臺灣博碩士論文加值系統

過去研究企業購併宣告之異常報酬的文獻，較少以全球觀點來探討，人類發展程度指數(HDI)。人類發展指數是自1990年開始由聯合國開發計畫署(UNDP)所衡量一個國家社會、經濟發展水準的標準，指數的組成分別來自國民健康狀況、教育水準以及生活水準。本研究將探討全球企業購併宣告時，是否會因為人類發展程度指數的高低而有所不同，並且將進一步的探討在金融危機與非金融危機期間、購併支付方式的不同、是否為跨國購併三個情況對於購併宣告效果的影響為何。研究期間為2007年至2010年共4年，總計有1,345個有效購併宣告事件，利用事件研究法市場模型分析，本研究實證發現人類發展程度指數對購併宣告報酬無顯著影響。

This study examines the impact of HDI (Human Development Index) on announcement returns in M&A. The analysis of announcement returns also takes into account pre- and post- financial crisis, cross-border and domestic deals, and the method of the payment in M&A. The sampling period covers 4 years from 2007 to 2010 with 1,345 samples for bidding firms. Using event study methodology with market model, the evidence shows that HDI is not an important determinant to influence announcement returns in M&A.

第一章 緒論　　 1
　第一節 研究背景與動機　　 1
　第二節 研究目的　　 2
　第三節 研究樣本、方法與實證發現　　 2
　第四節 預期貢獻　　 3
　第五節 研究架構　　 4
第二章 文獻探討　　 5
　第一節 企業購併與購併宣告相關文獻　　 5
　第二節 企業購併與支付方式相關文獻　　 6
　第三節 企業購併與交易地區相關文獻　　 7
　第四節 文獻總結　　 9
第三章 研究設計　　10
　第一節 資料來源和樣本篩選　　10
　第二節 人類發展程度指數(Human Development Index)　　10
　第三節 研究方法　　13
第四章 實證結果分析　　17
　第一節 樣本特性　　17
　第二節 購併事件累積異常報酬率分析　　18
第五章 結論　　30
參考文獻　　33

Agrawal, A., Jaffe., J. F., and Mandelker, G. N. (1992), The post-Merger Performance of
　　Acquiring Firms: A re-Examination of an Anomaly. Journal of Finance, 47(5), 1605-1622.

Asquith, p., Bruner, R., & Mullins, D. (1983). The Gains to Bidding from Merger. Journal of
　　Financial Economics, 11(1), 51-83.

Aybar, B. and Ficici, A. (2009), Cross-border Acquisitions and Firm Value: An Analysis of
　　Emerging-Market Multinational, Journal of International Business Studies, 40 ,1317-1338.

Bradley, M., Desai, A. and Kim, E., (1988), Synergistic Gains From Corporate Acquisitions
　　and Their Division Between the Stock-holders of Target and Acquiring Firm, Journal of
　　Financial Economics, 21, 3-40.

Chang, S. (1998), Takeovers of Privately Held Targets, Method of Payment, and Bidder Returns,
　　Journal of Finance, 2, 773-784.

Yeh, C. C. and Yu, H. C. (2014), The Value relevance of Fair Value Accounting
　　Information during Financial Crisis, Chiao Da Management Review, 34, 2, 1-26.

Datta, D.K. and Puia, G. (1995), Cross-border Acquisitions: An Examination of the Influence
　　of Related and Cultural fit on Shareholder Value creation in US, Acquiring Firms in: Management International Review, 35, 337-359.

Denis, D.J., Denis, D.K., Yost, K. (2002), Global Diversification, Industrial diversification and
　　Firm Value, The journal of Finance, 57, 1951-1979.

Francis, B. B., Hansan, I. and Sun, X. (2008), Financial Market Integration and the Value
　　of Global Diversification: Evidence foe US Acquirers in Cross-border Mergers and
　　Acquisitions, Journal of Banking & Finance, 32, 1522-1540.

Frank, J. R., Harris R. S. and Titman S. (1991), The Post-Merger Shareprice Performance of
　　Acquiring Firms. Journal of Financial Economics, 29, 81-96.

Fuller, K., Netter J., Stegemoller, M. (2002), What Do Returns to Acquiring Firms tell us?
　　Evidence from firms that make many acquisitions, Journal of Finance, 4, 1763-1793.
　　Jensen, M. C. (1986), Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,
　　American Economic Review, 76, 323-329.

Kaplan, S. and M. S. Weisbach. (1992), The success of Acquisitions: Evidence from
　　divestitures, Journal if Finance, 47, 107-138.

Kiymaz, Z. (2004), Cross-border Acquisitions of US Financial Institutions: Impact of
　　macroeconomic factors, Journal of Banking & Finance, 28, 1413-1439.

La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R. W. (2000), Investor Protection and
　　Corporate Governance, Journal of Financial Economics, 58, 3-27.

Loughran, Tim and Anad M. Vijh (1997), Do Long-Term Shareholders Benefit from Corporate
　　Acquisitions? Journal of Finance, 52, 1765-1790.

Moeller, S. B., Schlingemann, F. P., Stulz, R. M. (2004), Firm Size and the Gains from
　　Acquisitions, Journal of Financial Economics, 1, 201-228.

Moeller, S. B., Schlingemann, F. P. (2005), Global diversification and Bidder Gains: A
　　comparison between cross-border and domestic acquisitions, Journal of Banking & Finance, 29, 533-564.

Myers, Stewart C. and Majluf, Nicholas S. (1984), Corporate Finance and Takeovers, American
　　Economics Review, 76, 323-329.

Officer, M. S., Poulsen, A. B., Stegemoller, M. (2009), Target Firm Information Asymmetry
　　and Acquirer Returns, Review of Finance, 3, 467-493.

Owen, S. and Yawson, S. (2010), Human Development and Cross-border Acquisitions, Journal
　　of Empirical Finance, 17, 689-701.

Shahrur, H. (2005). Industry Structure and Horizontal Takeovers: Analysis of wealth effects on
　　rival, supplies, and corporate customers. Journal of Financial Economics, 94, 461-488.

Shaked, I., A. Michael and D. McClain (1991), The Foreign Acquier Bonanza: Myth or Reality,
　　Journal of Business Finance and Accounting, 18, 431-447.

Shelton, L. M. (2000), Merger Market Dymastics: Insight into the Behavior of Target and
　　Bidder Firms, Journal of economic behavior and organization, 41, 363-383.

Smith, G.D., Arnold, D.R. and Bizzell, B.G (1991), Business Strategy and Policy, 3rdedition,
　　Boston: Houghton Mifflin, 58-75.

United Nations Development Programme (2014), Human Development Reports Technical
　　Notes 2014.